Observability platform vendor New Relic announced Monday that it has signed a definitive agreement to be acquired by Francisco Partners and TPG for $US87 per share in cash, valuing the company at approximately US$6.5 billion. Closing is expected in late 2023 or early 2024, subject to shareholder and regulatory approvals.
Bill Staples, chief executive officer (CEO) of New Relic, said, the company “has made significant progress on its consumption business transition and, together with Francisco Partners and TPG, we will have the resources and flexibility to not only complete the final chapter of this transition, but also accelerate our strategy and provide customers with a standardized data-driven practice that any company can benefit from.”
The agreement includes a 45-day “go shop” period during which superior proposals will be sought.
